Study shows boomers not ready for old age

Experts say Americans 55 and over should discuss with loved ones or professional advisers how life expectancy may affect decisions about retirement.

There are two things Americans approaching retirement age should be thinking about: how long they’re likely to live and how much they’ll have to live on.

A recent study by Bankers Life Center for a Secure Retirement (CSR) found that while declining health is the No. 1 longevity concern for middle-income Americans, statistics suggest they ought to be taking more steps to avoid outliving their money.

Long Life Expectancy
Consider these facts from the Social Security Administration: The average 65-year-old has a life expectancy of 19 more years. One out of every four will live past age 90 and one in 10, past 95.

The CSR study, Longevity Risk and Reward for Middle-Income Americans, asked people ages 55 to 75 how they plan to deal with shortfalls in retirement income. Their replies: